Nigeria Open To More Investment In Offshore Oil And Gas Sector
The Minister of Interior, Dr. Olubunmi Tunji-Ojo, has boosted investor confidence in Nigeria, expressing optimism that reforms under President Tinubu’s Renewed Hope Agenda are driving a steady rise in Foreign Direct Investment, particularly in offshore oil and gas exploration.
The Minister shared this optimism today while receiving Mr. Jagir Baxi on a working visit. Mr. Baxi is the newly appointed Chairman, Managing Director, and Lead Country Manager of ExxonMobil Nigeria and its affiliates — Esso Exploration and Production Nigeria Limited and Esso Exploration and Production Nigeria (Offshore East) Limited.
Dr. Tunji-Ojo stated: “We can increase our production. I sincerely believe we can do more than we are currently doing in oil exploration. We need more investment from ExxonMobil. Investors require the right policies, as well as strategic partnerships and alliances.”
He assured the ExxonMobil management team of the Federal Government’s unwavering support, particularly from the Ministry of Interior.
The Minister commended ExxonMobil and its affiliates for their cutting-edge initiatives in developing Nigeria’s oil and gas sector, especially in offshore exploration. He also expressed appreciation to the company for its sustained investment and commitment to the Nigerian economy.
According to verified statistics, ExxonMobil and its affiliates have invested over $3.5 billion in Nigeria’s oil and gas industry.
Earlier, Mr. Jagir Baxi commended the Minister’s reform-driven leadership in repositioning Nigeria’s internal security, immigration, emergency management, and correctional services. He reaffirmed that ExxonMobil will continue to invest in Nigeria, with a focus on deep-water resources.
Highlighting the company’s over 70-year presence in Nigeria, Mr. Baxi cited the Erha offshore oil and gas platform as a flagship project delivering significant value to the country. He noted that the platform has generated over $1 billion in royalties, $22 billion in taxes, and $300 million in levies for the Nigerian economy.
